To committee on Homeland Security, Veterans and Military Affairs and Government Reform.

Senate Bill 560

Relating to: amending s. 35.18 (1) of the statutes to eliminate the requirement that the revisor print a list of numerical cross-references in the statutes to other parts of the statutes in each biennial issue of the Wisconsin Statutes (Revisor's Revision Bill).

By Law Revision Committee.

To committee on Homeland Security, Veterans and Military Affairs and Government Reform.

Senate Bill 561

Relating to: amending and revising under section 10.53 of the statutes various provisions of sections 10.62 to 10.82 of the statutes for the purpose of correcting conflicts between the listings in sections 10.62 to 10.82 of the statutes and the substantive statutes to which those sections refer (Revisor's Correction Bill).

By Law Revision Committee.

To committee on Homeland Security, Veterans and Military Affairs and Government Reform.

The Chief Clerk makes the following entries under the above date.

__________________

petitions and communications

State of Wisconsin

Office of the Governor

April 5, 2004

To the Honorable, the Senate:

The following bill(s), originating in the Senate, have been approved, signed and deposited in the office of the Secretary of State:

Sincerely,

Jim Doyle

Governor

State of Wisconsin

Office of the Governor

April 6, 2004

To the Honorable, the Senate:

The following bill(s), originating in the Senate, have been approved, signed and deposited in the office of the Secretary of State:

As required under Section 301.03(6r) of the Wisconsin State Statutes, I am submitting information relative to the number of prisoners that the Department of Corrections considers violent and the total number of prisoners.

On October 31, 2003 the Department had 22,644 adult inmates assigned to Type "1" prisons in state and in contract facilities out of state. Out of the 22,644 inmates, 14,299 or 63.15 percent had assaultive offenses.

Sincerely,

Matthew J. Frank

Secretary

State of Wisconsin

Investment Board

March 31, 2004

The Honorable, The Legislature:

Pursuant to ss. 25.17(14g) and (14m) of the Statutes, attached is our annual report to the Legislature regarding investment goals and long-term strategies and our annual report on performance. As in previous years, we have combined the two reports to make it easier to understand the relationship between strategies and results.

•Reflecting the strong rebound in the stock market, assets under management increased from $56.8 billion at the end of 2002 to $69.1 billion as of December 31, 2003.

•The 24.2% investment return for the Fixed Trust Fund in 2003 was its second highest in the last 20 years. The Fund beat its one-, five- and ten-year performance benchmarks and is ahead of the 7.8% long-term actuarial target return. the Fixed Fund invests in a diversified mix of stocks, bonds, real estate and other assets. The Board's strategic decision to reduce fixed income investments and increase investments in stocks contributed to the strong overall performance of the fund in 2003.

•The 32.7% return for the Variable Fund matched its highest return of the last 20 years. This fund also surpassed its one-, five- and ten-year performance benchmarks. The Variable Fund invests in domestic and international stocks.

•SWIB generated $560 million of added return for the Fixed and Variable Funds over what the funds would have earned had SWIB only performed as well as the markets in 2003.

•Our small company stock portfolio had a particularly exceptional year, with an 89.9% return compared to a 47.3% return for its benchmark,

•Our costs to manage the Fixed Fund in 2002 were 27 cents per $100 managed, which an independent analysis concluded were normal for a fund of this size and asset mix.

•The 1.2% gain for the State Investment Fund (SIF) exceed its performance benchmark and ranked 1st out of 229 government funds in the iMoneyNet Government Fund Index and 3rd out of 1,209 money market funds in the iMoneyNet All Taxable Money Market Index. The SIF also surpassed its five-year and ten-year performance benchmarks. The SIF is a short-term cash management fund.

•During fiscal year 2003, SWIB made nearly $1 billion in new investments in Wisconsin companies. Wisconsin investments are subject to the same due diligence and fiduciary responsibility standards that apply to all other investments.

•We contracted with Frazier Technology Ventures ($60 million) and Baird Venture Partners ($30 million) to make venture capital investments in high technology firms in Wisconsin and the Midwest.

The strong results in 2003 reflect the rebound in the stock market as well as the efforts of staff who worked for SWIB throughout the year. If you have any questions about the attached report or would like further information please contact me.